Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
ETH 
HYPE 
SOL ARK Invest Researcher Lorenzo Valente: In-depth analysis of the value capture models of Ethereum, Solana and Hyperliquid
ARK Invest Researcher Lorenzo Valente conducted an insightful evaluation of Ethereum, Solana and Hyperliquid. He expressed his views on Platform X (formerly Twitter) and vividly compared the value capture models of the three different fast food chain brands.
Valente points out that ETH, SOL and HYPE should not be seen as variants of the same Layer 1 (L1) business model, but rather have very different value capture structures. He compares them to McDonald's, Chipotle and In-N-Out respectively.
Ethereum: The Most Successful Franchise System
Valente believes that Ethereum has established the most successful "Franchise" system in the crypto market through its Layer 2 (L2) network, but the rents or fees charged at the payment layer are very limited.
Ethereum does not directly operate its own Layer 2 network, but rather allows independent teams such as Arbitrum, Base and OP Mainnet to develop their own networks. However, despite the creation of such a large franchise ecosystem, the fees charged by Ethereum are insignificant compared to them.
Solana: Take control of the entire operating system in your own hands
Researchers at ARK Invest pointed out that unlike Ethereum, Solana built a vertically integrated system and retained higher fees and maximum extractable value (MEV).
This gives Solana a stronger direct value capture mechanism than Ethereum. In return, however, the network must operate the entire infrastructure itself and bear the resulting technical and operational risks.
According to Valente's analysis, Solana's advantage lies in its ability to retain a large amount of economic activity and income under its own system; but its disadvantage is that this structure leads to a higher degree of vertical integration and systemic risk.
Hyperliquid: Shortest value capture chain
In Valente's comparison, Hyperliquid is equivalent to In-N-Out. The well-known expert said that thanks to close vertical integration, risk-free investment (VC) support and a fee-funded HYPE repurchase mechanism, Hyperliquid has the shortest value capture chain.
Hyperliquid's model has no external capital intervention, and almost all fees flow into a buffer fund to repurchase HYPE tokens.
Valente stated that this structure significantly shortens the gap between the fees paid by users and the economic value earned by token holders. Therefore, he believes that among the three models, Hyperliquid has the most direct value capture mechanism.
The above content does not constitute investment advice.
